Wednesday, November 2, 2011

Making Value Judgments

I have always wondered why it's never a big issue to buy someone beer or lunch worth thousands of shillings, but nearly impossible to just give him/her that exact amount in cash for no consideration at all. In fact, lending him/her that same amount as a repayable loan is rarely done so willingly.

In my thinking, the reason is partly because of the value we attach to some gestures. Giving away cash, even to a friend is in our minds not the same as buying the friend lunch, beer, a gift or any other act where you end up spending the same amount.
In other words, our judgment of value is not exactly rational.

In 2005, Dan Gilbert gave a talk at TED, where he explored our mistaken expectations. Check it out below:

In light of the above, how exactly do you make value judgments?

Have a great day.


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